2007-03-21 02:49:20 · 6 answers · asked by Todd S 1 in Business & Finance ➔ Renting & Real Estate
In most cases, your credit score shouldn't prevent you from getting a home equity loan.
Most likely, though, the interest rate on your home equity loan will be slightly higher than someone in a similar situation with excellent credit. The important thing is that you have equity in your home
Keep in mind that equity on your house may increase in two different ways; either by paying off the principle on your mortgage or your home appreciates in value more than the balance of the loan.
I recommend getting in touch with a mortgage professional to have them review your situation. Most mortgage companies, including Quicken Loans, will do a review at no cost to you. You'll get the most accurate information from such a review. You can learn more about home equity loans from the link below.
2007-03-21 08:22:57 · answer #1 · answered by Quicken Loans 5 · 0⤊ 0⤋
You should be able to get one still. It will depend on how much equity you actually have, your other debts and your income level.
Your present bank may also be willing to just refi for you and that is more then likely the best way for you to go.
2007-03-21 03:30:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
How low is your score, that is what they will go by, and if your going to use the money to pay of the bills.
I have a friend who could tell you exactly what you need to do.
2007-03-21 02:59:25 · answer #3 · answered by spiritwalker 6 · 0⤊ 0⤋
Harder then people with great credit, but you should still able to do it unless your credit god awful.
2007-03-21 02:56:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It'll be easy. There you go : http://index-go.com/bad-credit-finance-mortgage.asp
Also take a look there, it may help you :
http://index-go.com/improve-credit-score-get-out-of-debts-fast.asp
Good luck !
2007-03-22 05:24:48 · answer #5 · answered by Anonymous · 1⤊ 0⤋
No.
2007-03-21 02:55:24 · answer #6 · answered by Jo Blo 6 · 0⤊ 1⤋